The present invention relates to a process for preparing low pour point middle distillate hydrocarbons and lube oil. More specifically, the invention relates to a hydrocracking and isomerization process for selectively preparing low pour point middle distillate hydrocarbons and lube oil from a hydrocarbonaceous feedstock boiling above about 600.F by contacting the feedstock with a catalyst comprising an intermediate pore size silicoaluminophosphate molecular sieve and a hydrogenation component.